To become a Florida resident for asset protection benefits, a Florida court would consider various factors evidencing your intent to live in Florida. These factors include:. To become a Florida resident and establish your residency here, you must sever ties to the state you moved from. It is difficult to claim Florida residency if your license and vehicle registration are elsewhere. For instance, to protect money in a Florida homestead property or in other assets protected by Florida statutes, one must first establish oneself as a Florida resident.
For asset protection purposes, Florida residency means more than just owning Florida property or having a Florida address. Whether or not you qualify as a permanent Florida resident depends on whether your circumstances and your actions demonstrate your intent to establish a primary place of residence in Florida. Schedule a phone or Zoom consultation to review your specific situation and get direct answers to your questions. The statute does not exclude concurrent ownership of a second residence in another state, provided that the primary residence is claimed only in Florida.
A fraudulent transfer is when a judgment debtor transfers an asset to hinder or delay collection from a current or future creditor. In general, moving to Florida to take advantage of Florida statutory exemptions and protections from creditors is not a fraudulent transfer. See In re Hill , B. However, there is at least one case where the court disallowed Florida exemptions when the person moved to Florida solely to take advantage of exemptions to frustrate creditors in another state.
There is no waiting period to establish Florida residency for asset protection purposes. If the student only has one document from the list above, they may use one or more of the additional documents listed below: Declaration of domicile in Florida Florida professional or occupational license. Florida incorporation.
Evidence of verifiable family ties to a Florida resident, as defined by tuition purposes. Evidence of members in a Florida-based charitable or professional organization. Court document demonstrating legal ties to Florida. To show that your life is now centered in Florida i. Tax auditors are going to question your Florida-resident credentials if you're constantly heading back up north to socialize.
You can keep your northern friends, but make new ones in Florida, too. Invite your Yankee friends down to Florida for a week of winter sun and sand…they'll love you for it!
If you're already a member of a national organization like the Lions Club or VFW, change the address on file to your Florida address and attend meetings in Florida. If you're a religious person, get involved with a church, synagogue or other house of worship in Florida as well. Join a gym in the Sunshine State, too. The more you socialize in Florida — and maintain ties to social organizations in the state — the easier it will be to demonstrate a commitment to your new southern home.
Sure, there's no state income tax in Florida, but that doesn't mean Florida residents don't pay other taxes. For example, you still have to pay federal income taxes as a Florida resident. So, when filing your next federal , make sure you list your Florida address as your home address. You should also change your address on file with the IRS by submitting Form As for Florida taxes , make sure you pay your local real estate taxes on time and in full.
If you own a business, are self-employed, or rent out property in Florida, you might also owe personal property taxes. If you're not paying these taxes as required, or any other Florida taxes levied on residents, your standing as a true Florida resident will be diminished in the eyes of the law. In addition to paying taxes in Florida, take advantage of the state's tax breaks for residents.
For example, if you own a home in Florida, apply for the state's homestead property tax exemption. That's a win-win! To apply, submit Form DR and all required documentation to the property appraiser in the Florida county where the property is located.
You can also use the form to apply for property tax breaks available to disabled or blind persons, senior citizens, widow er s, veterans, and first responders.
If a similar tax break is available in your northern state, don't claim it if it's only available to residents. If you do, you're telling your summer state that you're a resident there, not in Florida. There are at least two good reasons why you should consider updating your will and other estate planning documents with Florida information.
First, listing your Florida address as your primary residence, including Florida property, and indicating that your estate will be administered under Florida law will help you establish Florida residency. Again, it shows that you're treating Florida as your permanent home. Second, Florida doesn't impose a state-level estate or inheritance tax.
A number of northern states — Connecticut, Illinois, Maryland, Massachusetts, Minnesota, New Jersey, New York and Pennsylvania, to name a few — will tax your estate or heirs if you die as one of their residents.
If you're declared a resident of Florida, however, those taxes from other states can be avoided. Your family will thank you for it once you pass away. If you work at home or in multiple locations, make sure your employer lists your Florida address as your home of record. Paychecks and W-2 forms should be sent to Florida , and all your benefits should be based in the state. If you're an independent contractor , all invoices and other correspondence should include your Florida address.
Payments and forms should be sent to Florida, too. If you own a business in your summer state, moving it to Florida will certainly help your case if your status as a Florida resident is challenged. If moving your northern business to Florida isn't possible, running it from Florida might be an option.
However, business owners in Florida who are deeply immersed in their company's operations up north can have a hard time establishing residency in Florida. Even if you're running your business from a Miami Beach cabana, tax auditors in your summer state will see substantial involvement in the management of a business in their state as evidence of residency in that state.
It will be weighed along with all other factors, but this type of evidence can persuade a court that you're not really a Florida resident. The degree of your involvement in the business' day-to-day operations will be looked at closely.
You don't necessarily have to sell the business or completely relinquish your management role, but taking more of a "hands-off" approach will support your claim for Florida residency. Register to vote and then vote in Florida. Obtain a Florida library card. Notify tax and voting officials of your previous residence that you have become a resident of Florida. Apply for Homestead Exemption. Titling Homestead property. Register your pets with a Florida veterinarian.
Obtain a Florida resident fishing license and terminate ones from other states. List Florida as residence in all deeds and other documents.
0コメント